Former Bank of Scotland chairman Sir George Mathewson has said the government's move to remove bonuses for bankers that take unnecessary risks is a dangerous one. He claims that it may be an interference with the rule of law. His premise for this is that it is a dangerous move to interfere with contracts negotiated by willing parties.
Well, Sir George, when those contracts and bonuses cost innocent taxpayers and savers money, when it threatens the banking system as a whole while the perpetrators walk off rich(er) men, there should be control and I don't think it goes far enough. They should take back bonuses already paid and put a limit on bonuses either as a percentage of salary or a fixed limit (my preference).
Angela Knight, chief executive of the British Bankers' Association, said the UK had already taken steps to address bonuses and that any legislation had to take into account its impact on the UK as a global financial centre.
Sorry, Ms Knight and Sir George. You're just making excuses to keep your grubby hands on the cash.
And we don't hear you when ordinary workers are told wage rises must be kept below inflation. But then, that suits, doesn't it? Hold down pay rises and the money can be shared out amongst yourselves in big bonuses that bypass below inflation rises.
You'll never go hungry or be out of work unless by choice. You'll never worry about which bill to pay this week. You'll never go 16+ years with only two holidays and one weekend away, both only affordable because of the generosity of friends.
No, I'm afraid there are no tears shed here.
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